The SPAC boom of 2020 is probably the biggest Wall Street story of the year, Forbes magazine reports in a cover story today, but few have noticed the quiet force driving the speculative bubble: a couple dozen obscure hedge funds like Polar Asset Management and Davidson Kempner, known by insiders as the “SPAC Mafia.” About 97 percent of these hedge funds redeem or sell their stock before target mergers are consummated, according to a recent study of 47 SPACs, the magazine reports. Read more.
Looming SPAC Meltdown: Forbes
